IHC posts 12pc rise in 2017 profit to $7.9m

ABU DHABI, April 19, 2018

International Holding Company (IHC), formerly known as International Fish Farming Holding Company (Asmak), has posted a net profit of Dh29.3 million ($7.9 million) in 2017 versus Dh26 million in 2016,marking a rise of 12 per cent.

The profit boost followed a growth in sales revenue of 9 per cent, up from Dh348 million in 2016 to Dh421 million in 2017.

Underpinning the improved profit and revenue was the growth of IHC’s subsidiaries throughout the year, a statement said.

Asmak, the holding company’s seafood producer and distributor, reached a leadership position in 2017 as it expanded its footprint across various trade channels, including wholesale and hospitality. IHC’s real estate division also recorded satisfying growth in net income in 2017, driven by the delivery of several major projects in Abu Dhabi. The developments were led by IHC subsidiary Century Real Estate, supported by three joint ventures with Lazio Real Estate Investment, Progressive Real Estate Development, and Mountain Gate Property Investment.

IHC’s strong 2017 was further bolstered by the expansion of its Contracting subsidiary, which signed new landscaping agreements in Abu Dhabi with Gulf Dunes Landscaping & Agricultural Services, and secured partnerships with Abu Dhabi Land General Contracting.

“The success we enjoyed in 2017 owes much to the outstanding efforts of our team, who have triumphed in the face of a challenging business environment across our divisions and markets.” said Hamad Abdulla Al Shamsi, chairman of IHC.

“Our priority now is to nurture the growth of last year and continue to build our presence in new markets, particularly through a strategy of diversification among every sector we serve,” Al Shamsi added.

Specifically, Asmak is currently moving forward with plans to build a new hub for the production and processing of fish and seafood that would raise the company’s annual production capacity by 40,000 tons. The new site, which is under development at Dubai Industrial Park, supports IHC’s commitment to reinforcing the UAE’s food security by increasing the volume of produce sourced within the country.

IHC’s wider CSR activities fall in line with this commitment to enhancing the livelihood of the UAE community, through the efforts of its subsidiaries. In 2017, Asmak made sizeable food donations to different UAE registered charity associations. The company also worked alongside government institutions to develop food security plans that would enrich the UAE’s natural fish stock and maintain the country’s marine environment, strengthening the nation’s strategy towards sustainable fish sources. – TradeArabia News Service